Drivers refuel their vehicles at a gasoline station in Cairo, Egypt, Thursday, June 29, 2017. (AP Photo/Amr Nabil)
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Egypt Thursday hiked fuel prices by up to 50 percent to help meet the terms of a $12 billion IMF loan deal, a sharper rise than expected by many struggling with soaring living costs and a further test of President Abdel-Fattah al-Sisi's popularity.Petroleum Minister Tarek El-Molla told Reuters the price of 92-octane gasoline had been put up by more than 40 percent to 5 Egyptian pounds ($0.2767) from 3.5 pounds per liter.The government also increased the price of cooking gas cylinders – used mostly by poorer Egyptians – by 100 percent to 30 pounds ($1.66) from 15 pounds per cylinder.Fuel oil prices to cement factories will rise by 40 percent to 3,500 Egyptian pounds per ton from 2,500 pounds a ton, but gas prices to the industrial sector will remain stable, Molla said.At that time, the government increased fuel prices by as much as 46 percent.
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